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Nigerian Government Running a Bankrupt Economy - Economist

In the wake of the recent increase in fuel prices and their scarcity, the need for the diversification of the Nigerian economy has hit the fore again.

As Nigerians struggle to deal with the harsh realities, a clear view of the current picture of the economy has been painted by a Chief Economist.

Former Executive Director of the Asset Management Corporation of Nigeria (AMCON), Kola Ayeye has hinted at the unsustainability of the country's debt in relation to her economic woes.

He says the government "must look for stolen capital" as a route to escaping mounting debt challenges which is plunging her into economic distress. 

Making this disclosure on the Sunny Side with Joyce Onyemuwa, the finance industry expert says "there is no alternative."

"This government is living a bankrupt economy, we are spending almost 100% of our income to service debt, our debt is unsustainable.

"Any government that is taking over from the current administration, I don't think there is an option. You must look for stolen capital.

"We need to find anywhere from 20 to 30 billion dollars of flight capital and bring it back," he explained. 

However, there is more that needs to be done afterwards to push on economic progress through diversification. 

Recalling how the country survived a foreign debt trap in the past, the former AMCON chief emphasizes on the role of power to economic growth.

"You cannot run an economy of 200million people with less than 5000 megawatts on the grid," he begins.

Watch the video for his full analysis.
 

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